I just read an interesting article over on the NY Times website. Click here to read it for yourself.
The article is about how the health insurance companies are putting on a full court press with new, creative and re-positioned insurance marketing campaigns in preparation of Obamacare going live.
They are also stepping up their spending on marketing, particularly using new media outlets to get their message out.
I think you can learn a lot from their insurance marketing ideas that you can apply in your own business right away…
This is a quote from the article that really drives home how important these new strategies are to the long term success of the health insurance companies:
Insurers say that even if the mandate is struck down, they will press forward with their strategy because future success will depend on engaging directly with the consumer. “I expect to see a fair amount of competition for the public’s attention,” said Michael B. McCallister, chairman and chief executive of Humana. “The individual relationship is going to be ever more important.”
I believe the last sentence in that quote is incredibly germane to marketing on the internet, particularly for insurance. You see, the lead companies have made insurance out to be a soul-less, non personal transaction on the internet.
People fill in a form to get a quote and then get barraged by people that they don’t know calling and emailing them to get their business.
They have no way of making a connection to a person that is serving an important role in their life – helping them protect their family and finances.
This is exactly why retention numbers are down and customer loyalty is at an all time low in the insurance industry. It’s also why you have to be promoting yourself throughout all of your marketing – both in person and in print (online or offline).
It’s that personal connection that will close more sales and keep people around much longer in your business.
Here’s some of the insurance marketing ideas these guys are doing that you can really benefit from:
1) Redefinition. This is the process of giving a new definition to your product or service. Basically you are saying it is this rather than that. It’s objective is to remove a roadblock to your sale – if possible, before the prospect even knows it exists.
In the NY Times article, the insurance companies are trying to redefine themselves: In January, Aetna announced it, too, was refreshing its brand to continue “its evolution from an insurance carrier to a health solutions company,” said Belinda Lang, the head of brand and consumer marketing at Aetna.
What you need to do is think critically about the lens that your prospects see you through. How do they currently define you and your business?
Then you simply create your campaigns and marketing around a newly defined lens that you want your clients to view you through.
2) They are creating digital products that they can sell to their customers or use as incentives.
I think one of the best insurance marketing ideas I’ve seen out of a big company is what Humana is doing with their rewards points system.
These kinds of things get people engaged with your business and more importantly talking about it.
I would design a program that makes it easy for people to share and recommend my business. Perhaps a “like us on Facebook” and get entered into a prize drawing or something along those lines.
There’s all kinds of cool and creative things you can come up with and still avoid rebating laws at the same time.
3) Telling stories about it’s employees is what Emblem Health is doing. This is really understated in the article, but what you need to realize is that story telling is the most powerful tool in selling.
If you are looking for insurance marketing ideas that can be launched immediately with little to no cost, with the biggest benefit possible, this one takes the cake.
In marketing, you can build your entire business around telling your own personal story well. You can take this page right out of my book, as I really focus on telling my own stories: Marketing Insurance Online – My Pathetic Story
You have to go beyond telling your own story as an insurance agent however… An even more powerful story telling method is to tell the stories of your clients.
Find clients that have emotional stories that highlight how you have helped them using the product you want to promote. The Life Insurance Foundation does this masterfully with the videos that they put out.
You can do the same thing. Talk to your clients and see if they’d be willing to do a video like that. You can hire a local videographer from about $250 to shoot and edit the video professionally.
Put that video up on your website and send an email to your clients and prospects driving them back to that page. If they won’t do video, ask if you can tell their story and put it online.
You really need at least 10 of these powerful stories that you can spread throughout your marketing.
There you go, three extremely powerful insurance marketing ideas that you can put in place right away. Stuff like this is all around you, you just have to be looking and think creatively about what you want to accomplish.
Now if you haven’t gotten started marketing for insurance online yet or you have started and it hasn’t been the success you’ve been looking for, I have something that can help you.
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